Some people have claimed that user data on Facebook is worthless (silly people). I recently wrote a post for Mashable on how Facebook could build a revenue model by essentially selling even anonymized user data. Silicon Alley Insider then posted about this same idea. Commenters to the SA post clearly didn't get that what they view as "useless" or frivolous Facebook data is in fact extremely rich and valuable trend data-- worth a lot of money to marketers, government entities, and private enterprises.
Its the value of our data that incenses me so much over the current Facebook TOS hubbub. Its not enough to say "Facebook doesn't own your data" when the license we grant them is so wholly encompassing so as to allow full usage of user data as if they did own it.
That everyone is somehow claiming victory over this because Facebook reverted to the old TOS is to completely miss the point. That license agreement is so over-arching as to dwarf any other service's TOS. Think about it.
And one more thing...I know what you're thinking, "nothing is private on the internet, so who cares?" Right? Well, consider this, Facebook data is not fragmented, unstructured data across the internet. Data in Facebook is structured, segmentable, historical, and therefore sellable. And the license agreement in both the old and the new TOS gives them the right to do so.
And lastly, Facebook, if you DO want to build a revenue model on selling user data, pay your suppliers. Users should get a cut or reward for supplying data, as outlined in this post on Mashable. You essentially could become a Vendor Relationship Management system in which we users enjoyed some kind of value exchange (beyond getting to use the Facebook service itself) for supplying you with such rich consumer data.